Price Elasticity of Demand Assignment | Homework For You

1.assume you are selling a product in which at a price of $10, you can sell 90 units.  When the price increases to $11, you can only sell 63 units. Given this change in price and sales,

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answer the following:

A. What is the price elasticity of demand for your product?

B. Is demand elastic, unit-elastic or inelastic?

C. What is the change in revenue for this product from the price increase?

Homework For You

2.Compute and discuss elasticities for the following cases:

A. When consumer income increases by 4%, the demand for Ramen Noodles decreases by 6%. What is the income elasticity for Ramen Noodles?  Explain what this income elasticity measure tells you.

B. When the price of bread increases by 7%, the demand for butter decreases by 9%.

What is the cross price elasticity? How are the two goods related – are they substitutes

or complements?  Explain why.

C. When the price of pork increases by 8%, the quantity of lamb purchased increases by 5%.  What is the cross price elasticity? How are the two goods related – are they

substitutes or complements?  Explain why.

3.Explain the factors of production and give an example for each one.

4.an individual leaves a college faculty, where she was earning $50,000 a year, to begin a new venture.  She invests her savings of $20,000, which were earning 10 percent annually.

She then spends $20,000 renting office equipment, hires two students at $30,000/student a year, rents office space for $15,000 and has other variable expenses of $50,000.  At the end of the year, her revenues are $240,000.

A. What are her accounting profits for the year?

B. What are her economic profits for the year?

(Be sure and show your work for both questions)

5.you expect to receive a payment of $600 one year from now.  Answer the following

questions and show your calculations:

A. The discount rate is 6%.  What is the present value of the payment

to be received?

B. Suppose that the discount rate rises to 7%.  What is the present

value of the payment to be received?

C. What will cause the present value of a future payment to decline? Get Economics homework help today

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